Sahara Group plans to move SC for submitting property papers directly to banks

Sahara Group Chairman Subrata Roy, on Friday, announced that the company is moving the Supreme Court in order to enable the Sahara India Parivar to submit property documents directly to banks. Existing guidelines make it mandatory for the company to submit all property documents through the Securities and Exchange Board of India (SEBI).

Sahara Group plans to move SC for submitting property papers directly to banks. While addressing the media, Roy stated that SEBI’s recent actions against the company would not hamper Sahara Group’s forthcoming expansion plans.

“Court has ordered us to get the properties securitised by banks for raising loans … we will pray for an order to allow us to go directly to some nationalised banks and submit our property documents to them.. ,” Mr. Roy stated, adding that the property in question would be a 106 acre plot in Lokhandvala.

He also mentioned that the company failed to produce the original title deeds for the Vasai property because all important documents were lost in floods. However, the company duly produced “certified copies”, said the Sahara chairman.

According to estimates, the company currently has public deposits of approximately INR 35,000 crore.

“But there is not a single complaint against us in 35 years,” Mr. Roy said, adding that “fair value of its immovable property was Rs. 1.2 lakh crore.”

Answering a question on his and the company’s future plans, Mr. Roy stated that a trust was being formed in order to hold all the shares. He also mentioned that the trust will have ex office members with required expertise and experience in the relevant fields. They would be responsible for making all major decisions.